MissionIR's  Instablog

Send Message
We know our reputation is based on the integrity of our clients and go to great lengths to ensure the companies represented adhere to sound business practices. It is our unwavering commitment to connect the investment community with companies that have great potential and a strong dedication to... More
My company:
My blog:
MissionIR Blog
  • VistaGen Therapeutics, Inc. (VSTA) Secures Additional Financing From Largest Institutional Investor And Completes Long-term Debt Restructuring 0 comments
    Sep 6, 2012 2:37 PM | about stocks: CPST

    VistaGen Therapeutics, a biotechnology company applying stem cell technology for drug rescue and novel pharmaceutical assays for predictive heart and liver toxicology and drug metabolism screening, announced that Platinum Long Term Growth VII, LLC purchased a $750,000 secured convertible promissory note, supplementing its purchase of a similar note earlier this year in the principal amount of $500,000. All amounts due under the two notes are expected to be rolled into a proposed financing by Platinum anticipated to result in gross proceeds to VistaGen of at least $3.25 million, including $1.25 million from the two outstanding notes.

    VistaGen also told investors of the strategic restructuring of approximately $2.38 million of long-term indebtedness to Morrison & Foerster LLP (M&F), its intellectual property counsel. The restructuring is expected to result in VistaGen's issuance of restricted common stock to M&F, at a price of $1.00 per share, as payment for approximately $1.38 million of the principal amount of such long-term indebtedness.

    "We are very pleased with these recent endorsements from our largest institutional investor and our highly-regarded, long-time intellectual property counsel," stated Shawn K. Singh, CEO of VistaGen Therapeutics. "Their confidence in our team and stem cell technology platform is a key component of the foundation underlying our core drug rescue, predictive toxicology and drug metabolism screening initiatives."

    Those who wish to review further information regarding VistaGen's recent financing and debt restructuring transactions with Platinum Long Term Growth Fund and Morrison & Foerster, respectively, should visit the company's website to find the Form 8-K filed with the U.S. Securities and Exchange Commission (SEC).

    To learn more about VistaGen and its stem cell technology, visit www.VistaGen.com

    Please see disclaimer on the MissionIR website http://www.missionir.com/disclaimer.html

    Stocks: CPST
Back To MissionIR's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.